Healthcare Industry Goes Green With Cloud-Based Contracting

The trend toward paperless businesses is growing, and cloud-based contracting and electronic signatures are facilitating the shift among businesses in every industry. Freed from the burden of chasing down signatures and shipping physical documents, organizations are serving customers better and attracting new prospects. Contracting in the cloud makes sense in many markets, but it is especially pertinent to healthcare providers and insurers who see their clients reap the benefits of a cleaner, greener environment.

Health insurer Aetna is among those embracing a paperless mandate. The company was the first health insurance provider to deploy electronic contract processing for physicians, hospitals and other health care facilities. Using EchoSign’s eSignature solution has helped Aetna cut down contract processing times, from as much as three weeks to just two or three days.

Paperless contracting process meets compliance, legal and security requirements. The electronic signature service provides a convenient, online audit trail for all contract processes and real-time visibility into the contract management process. It provides protection for both the sender and the signer during the signing process, including key authentication and privacy, fraud protection, and consumer disclosure. It is legally tested and trusted.

Other large health insurance organizations are finding that e-contracts cut the time required to negotiate with and sign new healthcare professionals by 50 percent. By creating a digital contract experience for all new physicians in their networks, such companies are meeting compliance and legal requirements while also saving more than 1 million pieces of paper each year.

Organizations in the healthcare field and numerous other industries know that delays in getting a contract signed can cost millions of dollars annually in lost revenue.  For companies looking to grow their businesses, paper agreements present a frustrating, expensive, time-consuming barrier to expansion. The Web eases that difficulty and offers other significant benefits, including these:

• Electronic signatures are as binding today as written signatures, and federal legislation backs them up.
• Cloud-based contracts shrink the sales cycle by as much as 400 percent.
• E-signature services make it easier for parties to do business.
• E-contracts enable collaborative deals and easier negotiation.
• Web-based contracts are secure and reduce the threat of fraud.
• E-signatures are simple to implement.
• Paperless business practices deliver convenience, choice and speed to partners and customers.

Electronic signatures and cloud-based contracts provide healthcare firms with a convenient, online audit trail for all contract processes and real-time visibility into the contract management process. Streamlined and green, e-contracting saves time and money in paper and postage, while making it easier for health care professionals to do business and create a healthier environment.

Editor:  Special thank you to Mikala Vidal for coordinating the guest article.